RadNet reports third quarter financial results with record quarterly revenue and adjusted EBITDA⁽¹⁾and upward revision of financial guidance for 2024⁽. $RDNT (+1.45%)
Total company revenue increased 14.7% to $461.1 million in the third quarter of 2024 compared to $402.0 million in the third quarter of 2023; Digital Health reportable segment revenue (including intersegment revenue) increased 34.3% to $16.4 million in the third quarter of 2024 compared to $12.2 million in the third quarter of 2023
The revenue growth in Digital Health resulted in part from a USD 2.2 million (or 75.8%) increase in AI revenue, which rose from USD 2.9 million in the third quarter of 2023 to USD 5.1 million in the third quarter of 2024
Adjusted EBITDA ( 1) for the entire company amounted to USD 73.7 million in the third quarter of 2024 compared to USD 57.9 million in the third quarter of 2023, an increase of 27.2 %; adjusted EBITDA (1) for the reportable Digital Health segment increased by 41.7 % to USD 3.3 million in the third quarter of 2024 compared to USD 2.3 million in the third quarter of 2023.
Adjusted EBITDA ( 1) margins for the entire company increased by 156 basis points to 16.0 % in the third quarter of 2024, compared to 14.4 % in the third quarter of 2023.
Adjusted for unusual or non-recurring items in the quarter, adjusted diluted earnings per share ( 3) amounted to USD 0.18 in the third quarter of 2024, compared to adjusted earnings per share (3) of USD 0.13 in the third quarter of 2023.
Aggregate treatment volumes increased by 9.0 % in the third quarter of 2024 and same-center treatment volumes increased by 5.5 % compared to the third quarter of 2023.
As at September 30, 2024, we had a cash balance of USD 748.9 million and a net debt to adjusted EBITDA ratio ( 1) of less than 1.0x
On track for DeepHealth OS launch on December 1 at the Radiological Society of North America (RSNA) conference
RadNet revises full year 2024 guidance to increase revenue, adjusted EBITDA ( 1 ) and free cash flow ( 2 ).
